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Exact
name of registrant as specified
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I.R.S.
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in
its charter, state of incorporation,
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Employer
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Commission
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address
of principal executive offices, zip code
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Identification
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File
Number
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Telephone
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Number
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1-16305
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PUGET
ENERGY, INC.
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91-1969407
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A
Washington Corporation
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10885
- N.E. 4th Street, Suite 1200
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Bellevue,
Washington 98004-5591
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(425)
454-6363
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1-4393
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PUGET
SOUND ENERGY, INC.
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91-0374630
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A
Washington Corporation
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10885
- N.E. 4th Street, Suite 1200
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Bellevue,
Washington 98004-5591
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(425)
454-6363
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a−12 under the Exchange Act (17 CFR
240.14a−12)
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o
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Pre−commencement
communications pursuant to Rule 14d−2(b) under the Exchange Act
(17 CFR 240.14d−2(b))
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o
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Pre−commencement
communications pursuant to Rule 13e−4(c) under the Exchange Act
(17 CFR 240.13e−4(c))
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| · |
A
new 20-year power-purchase contract between PSE and the Chelan County
Public Utility District. The contract offers PSE 234 average-megawatts
of
low-cost power annually from 2011 through 2031. The PUD power from
the
Columbia River’s Rocky Reach and Rock Island dams will save PSE customers
an estimated $360 million over the contract’s 20-year
life.
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The
installation of new power generators and other major enhancements
at PSE’s
largest hydropower facility, the Baker River Project. The enhancements
are
called for in a regional agreement that aims to extend the project’s
federal license for up to 45 years.
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Refurbishment
of the generators at PSE’s single largest power-production facility and
one of its lowest-cost power resources, the Colstrip Power Project
in
eastern Montana.
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The
acquisition of more fuel-transport capacity in two of the Northwest’s
three interstate natural gas transmission pipelines. PSE customers’ peak,
wintertime demand for natural gas is expected to increase by about
50
percent over the next 20 years.
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| · |
Proposed
rate increase, on average, across all customer groups: 9.2 % for
electricity; 5.3 % for natural gas.
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| · |
Proposed
percentage increase for “typical” household bill (i.e., 1,000 kWhs of
electricity use / 80 therms natural gas use): 11.8 % for electricity;
5.6
% for natural gas.
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Proposed
dollar increase for typical monthly residential bill: $7.91 for
electricity; $5.42 for natural gas.
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Proposed
increase in basic monthly charge for residential customers: $1 (from
$5.75
to $6.75) for electricity; $2 (from $6.25 to $8.25) for natural gas.
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New
monthly bill for typical-usage household: $74.89 for electricity;
$101.96
for natural gas.
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PSE
is requesting a new, performance-based incentive to invest even more
in
energy-efficiency services for its electric customers. Under current
state
regulations, PSE can incur a stiff penalty for failing to meet
state-mandated energy-saving goals, but the utility receives no inducement
for surpassing them. This proposal creates a financial reward for
PSE,
beginning in 2007, if it meets or exceeds its energy-saving
targets.
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PSE
is proposing three new “demand-side management” pilot projects to gauge
how customers would respond to special incentives for reducing their
wintertime energy consumption, either during peak-demand hours of
the day
or on especially cold days.
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PSE
is requesting an allowed return of 11.25 percent on the equity provided
by
shareholders, based on an expected capital structure composed of
45
percent equity and 55 percent debt.
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PSE
is requesting an overall
allowed rate of return of 8.76 percent on debt and equity
capital.
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The
request reflects an electric rate-base of nearly $3 billion and a
gas
rate-base of approximately $1.2
billion
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PUGET
ENERGY, INC.
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PUGET
SOUND ENERGY, INC.
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By:
/s/ James W. Eldredge
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Dated:
February 16, 2006
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James
W. Eldredge
Vice
President, Corporate Secretary
and
Chief Accounting Officer
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